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National Australia Bank yesterday described its new bank fee structure for
business transaction accounts as ``flat", though it will generate extra
revenue and leave many of its 300,000 small- to medium-sized customers facing
higher fees.
Business customers will be charged one monthly fee to replace a complex fee
rebate structure that a NAB spokesman said the customers had not understood. The
bank did not have plans at present to change the similarly complex rebate
structure for retail customers.
In a move reminiscent of Commonwealth Bank's last year, from April NAB will
introduce a flat monthly fee of $10 for business cheque accounts, and higher for
other accounts, replacing a system of ``account service fee" which separately
charged for individual transactions. The flat fee will include most electronic
transactions, but a separate fee for paper transactions at branches stands and
rises from 70c to 90c.
``In terms of the impact, we make no secret of the fact we do generate
revenue from fee increases," the spokesman said.
``What this is really about is providing a better service offering for the
fees we are charging. As far as retail is concerned, there's nothing on the
agenda for changes in that area at the moment."
CBA's introduction of a $5 flat monthly fee for ordinary transaction accounts
helped the bank report an upsurge in non-interest income from its banking
operations in the first half.
The NAB business transaction accounts affected also include the business
management account, the business cheque account, the National cheque account and
the GST Business Offset Account.
The Australian Consumers Association's financial services spokeswoman,
Catherine Wolthuizen, said: ``Rebate schemes have been shown to be confusing and
quite difficult to understand what it means at the end of the month [on the
bank statement]."
ANZ's move last year to simplify its personal accounts had been in favour of
customers but ``NAB's record is not strong in reducing rather increasing fees".
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